New study suggests this province is easiest to save for a new home

Posted: September 24, 2023 8:40 am
By David Salter

A new study suggests this province is the easiest to save for a home, although many here would refute that. The study, conducted by real estate experts, analyzed nine housing and population data metrics, such as the average house price and the median annual income in each province. They analyzed a further 23 metrics relating to living costs including, average food, public transport, and health care costs, and income taxes, to create a ‘housing purchase index,’ which ranked all ten provinces out of 100 based on the ease of saving for a home. 

Newfoundland and Labrador was found to be the easiest province to save for a new home, with a score of 85.16 out of 100. The province boasts the highest median household income of $57,410 as well as the second-lowest house prices on average of $291,806. It also has the highest number of private dwellings relative to its population, with 0.53 private homes per capita. Newfoundland and Labrador offered the lowest average annual childcare costs and some of the lowest annual costs for education, health care, vehicles, food and household furnishings.

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